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Through our wholesale brokerage division, Chandler Insurance Managers, Inc. (CIMI), we can evaluate the risks and benefits associated with forming a captive insurance entity to insure or reinsure the risks of non-insurance companies, groups and associations. Captives are typically reserved for single entities with large capital generating abilities or to homogenous groups of companies in the same industry that pool together to raise capital and start their own captive insurance company. The Chandler Group of Companies is capable of developing and managing a captive insurance company for your busines because of our relationship with some of largest reinsurers in the world and our understanding of how to create and operate an insurance company.

A captive insurance company was originally defined as a wholly owned or controlled subsidiary company formed primarily to insure or reinsure the risks of its non–insurance parent or affiliates. The term has been expanded to include mutual companies and businesses owned by groups of companies or associations operating in the same industry or profession. There are several forms of captive insurance companies with the most common being:
  • Single Parent Captive-a wholly–owned subsidiary insurance or reinsurance company formed primarily to insure the risks of its non insurance parent or affiliates.
  • Group Captive-a company jointly owned by a number of investors who usually have common insurance needs.
  • Association Captive-a company owned by a trade, industry or service association for the benefit of its members. A captive reinsurance company is when an unrelated conventional insurance company (fronting carrier) assumes the initial risk and reinsures up to 100 percent with the captive reinsurance company on risks provided by the parent company, group or association captive members.
The formation of a “captive” or offshore reinsurance company may be the creative insurance solution for you. CIMI will guide you through the positive and negative aspects as they relate to your situation. Assistance is available with incorporation, licensing, and day-to-day operations of the insurance company. Regular financial and statistical reports are provided showing all statutory, insurance, banking and accounting requirements of the newly formed company.

CIMI, working with affiliate companies, provides a wide range of captive services including captive management, reinsurance, underwriting, loss control and claim administration. CIMI can provide you with a turnkey price for your captive operation. If you are interested in seeking an alternative risk program such as a captive, contact Malinda Laird.